Apollo Global Management and Ontario Teachers’ Pension Plan Board are going to acquire a majority stake in online employment website, CareerBuilder. The current owners of CareerBuilder - Tegna Digital, Tribune Media and The McClatchy Company will retain a minority stake in the company. 

According to a press release by CareerBuilder, the projected deal is expected to close in the third quarter of 2017 and that Apollo’s investment is being made by the Apollo-managed Special Situations I fund. The other companies that are financing this deal and acting as financial advisors to Apollo are Credit Suisse, Barclays, Deutsche Bank, Citigroup Global Markets and Goldman Sachs.

David Sambur, Senior Partner at Apollo, stated in the press release that, “CareerBuilder is a global leader in human capital solutions, and we are excited to work with the Company in the next phase of its growth and development.”

According to a media report, this deal would give the company an enterprise value of more than $500 million. Moreover, it was also reported that GTCR was in a race to buy the company for more than $1 billion but negotiations supposedly got delayed.